Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
Far stronger than expected U.S. job adds are likely to put a damper on ideas of imminent Fed rate cutsBitcoin Price-Volatility Correlation Turns Negative Again as Crypto Traders Eye FTX Liquidations
The employment market in the U.S. remained strong in May with the government reporting the addition of 272,000 jobs, far past estimates for just 185,000 and well ahead of April's 165,000 .fell sharply from a two-month high just shy of $72,000 in the minutes following the numbers. At press time, BTC was changing hands at $70,900, down 0.5% over the past 24 hours.
After rising through the first part of 2024, interest rates have been on a downtrend over about the last five weeks as some recent U.S. economic data has pointed to a slowdown in both economic growth and inflation – the 10-year Treasury yield ahead of this morning's numbers was at 4.30% versus a 2024 high of 4.71% in late April.
The move down in rates has been a boon for risk assets, with the major U.S. stock market averages surging to record highs and the price of bitcoin rising from about the $60,000 level to within close range of its record high just above $73,500. Ideas that the major Western economies are about to fully enter a monetary easing cycle received further merit this week when both the Bank of Canada and the European Central Bank slashed their respective benchmark interest rates for the first time in several years. As for the U.S., the odds of a Fed rate cut have risen sharply of late, with investors prior to this morning's reportMuch of this thinking is likely to be reversed in at least the short term.
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